Can I pay insurance annually?

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jennette

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Post by jennette » Sat Aug 31, 2019 11:48 am
Hi I'm just about to go into an iva but I was wondering if I can pay insurance in whole annually will it affect my premium

Foggy

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Post by Foggy » Sat Aug 31, 2019 11:59 am
If you have a lump sum available to pay an annual premium in one go I am sure your insurance company will accept. However, for the purposes of allowed expenses in the IVA, this premium will be averaged out monthly. The effect, if any, on premiums, of an IVA, differs from insurance company to insurance company.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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kallis3

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Post by kallis3 » Sat Aug 31, 2019 1:47 pm
I paid mine monthly throughout my IVA as I could not have afforded an annual sum up front.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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luluj

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Post by luluj » Sun Sep 01, 2019 2:31 am
It's your choice as to how you manage your finances in your iva so long as you stay within allowances. Mist of us probably wouldn't have had a chunk of money to pay annually in the first year, but if you have then no reason not too.
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